There is no one perfect lender. The best lender is different depending on your strengths as a borrower and the type of home you are going to purchase. Many foreclosure and/or short sale properties require work before your (FHA/Conventional) financing to purchase them can be approved. In those situations you will need a renovation loan or a lender that can hold escrows for repairs.  Our qualified staff will be happy to make recommendations to help you find the best lender to make your  purchasing experience to be as pleasant as possible.


 Three basic types of lenders,


Mortgage Broker: When you close with a mortgage broker the funds for your transaction are provided by a separate company. The mortgage broker arranges for a larger company to purchase your loan at the closing table for which he is paid a fee.  The actual approval for your loan is provided by the company that will be providing those funds at the closing table. The borrower’s point of contact (loan officer) has very little to do with the approval process. Due to the number of lenders that mortgage brokers work with, they have the ability to get individuals approved that might not get approved at other lenders.  


Correspondent lenders close in their own name. Your loan officer and the underwriter actually work for the same company, typically shortening the lending process.  Correspondent lenders write to very strict standards,  due to the fact that once your loan closes, they must sell it quickly so they can fund other loans. Correspondent interest rates and closing costs are typically extremely competitive in the market place. .

Banks close in their name, employ their own underwriters and fund their loans. Banks can hold loans in inventory which allows them a flexibility not enjoyed by the other two types of lenders.